Wednesday, October 8, 2008

Ouch, Yikes, #%@* - So Now What?

market economy job career
This may be a blip on the long term economic timeline but right now it hurts pretty bad. It will all get better some day and it is wise to stay invested in such times but it still hurts. I am pissed, upset and confused so now what?

Work Like a Maniac
The one risk that I can manage is my job. This is the time to be working smarter and working harder. My 401(K) account may be getting decimated by the stock market but my job will support my checking account.

Plan B
If you were too lazy in the past this may be the time to invest in a backup career. Most industries and companies are hurting today. And when businesses hurt they trim cost which usually means employees. Get your resume in order, network, work hard but also consider a backup/secondary career.

Less is More
Spend less and save more = sleep better at night. At least in times like these you should be careful about your spending habits. When all your assets are down in value – should you be adding more debt to your balance sheet? Probably not the best time to be hitting the mall.

Pick your favorite villain (the Fed, bank CEO, the rating agency, mortgage broker …) and put their picture on a piƱata. Call over your friends and neighbors and go at it. Time to release some pressure & have a party! Celebrate the fact that it is bad but it could be worse.

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